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DJI in Downtrend. Sterling Slide Continues.


Welcome to this week’s Market Blast Technicals where we will look at WTI (US Oil), USDCAD, NZDUSD, GBPUSD, and the DJI (US30).

We see that the DJIA has been in a downward trend most of this month and if you have been trading the drops you may have used the stochastic oscillator and Bollinger Bands to time your entries and exits.Screenshot 2020-06-30 at 09.47.20

Keep an eye on the trend lines as well and always check the fundamentals.Screenshot 2020-06-30 at 09.47.30

Last week we looked at the weakening GBP and the fall continues.

GBPUSD is in a clear downtrend and has hit support from April of this year.

A break below has the next key level of support at $1.217.

Looking at the daily chart on NZDUSD we see a series of lower highs starting over a year ago.Screenshot 2020-06-30 at 09.47.44

Zooming in to the 4-hour chart we see the latest run of lower highs forming a descending triangle with support at $0.64.

A break below sees the next key level at $0.626.

The opposite is true of USDCAD with this ascending triangle with key levels of resistance above.

Of course, fundamentals on the CAD are affected by the price of Crude Oil and we see WTI ranging for the last few days, into this double bottom, and our Bollinger Bands and the stochastic oscillator are indicating good entry and exit points.

That’s all for now.  Happy trading with Valutrades and we will see you next week.


The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.